FOUR heads of land developers in the economic zones of the Bases Conversion and Development Authority (BCDA) are backing proposed bills amending the government-owned and -controlled corporation’s charter.
In a statement on Tuesday, the BCDA quoted the respective chief executive officers (CEOs) of Filinvest Land Inc. (FLI), Ayala Corp., Megaworld Corp. and Hann Development Corp., who all expressed support for House Bill 8505 and Senate Bill 2647 which contains revisions to Republic Act 7227 — the law that created the investments promotion agency.
Both bills seek to declare certain portions of the land area of each BCDA ecozone as alienable and disposable, allowing its sale for residential use, mixed use, industrial and institutional purposes; extend BCDA’s corporate life for another 50 years from the remaining 18; and increase its authorized capital from P100 billion to P400 billion.
The Senate bill states that a portion of net proceeds from the sale of land will go to the pension fund of the Armed Forces of the Philippines, on whose former facilities the BCDA operates. A part of the generated funds will also be allocated for infrastructure projects of the BCDA and its subsidiaries.
FLI President and CEO Tristaneil Las Marias said: “The renewal of BCDA’s corporate existence and expanded role under [the bill] will inspire trust and confidence from both local and foreign investors, and boost the country’s economy.”
FLI runs Filinvest New Clark City in Tarlac — a 288-hectare mixed-use development — and the 201-hectare leisure estate Filinvest Mimosa+ in Pampanga.
Ayala Corp. President and CEO Cezar Consing said the bills would help the BCDA perform its mandate with wider scope and greater impact.
Ayala partnered with BCDA in the development of the Bonifacio Global City in Taguig and the Ayala Land Technohub in Baguio City.
Kevin Andrew Tan, CEO of Alliance Global Group Inc., parent company of Megaworld, said, “The freehold residential component would make these ecozones more attractive and competitive as investment destinations.”
Megaworld and BCDA collaborated in the development of McKinley Hill, Uptown Bonifacio and Newport City.
Dae Sik Han, chairman and CEO of Hann Development Corp. which operates Hann Casino Resort in Clark Freeport, Pampanga, stressed the value of BCDA’s long-term operations: “This stability is crucial for sustained economic growth and development, providing confidence to partners like Hann Development.”
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